In his new role, Morrison, 53, will oversee Fidelity’s investment divisions that collectively manage $1.9 trillion in retail and institutional assets on behalf of individual investors, intermediaries, and institutions worldwide.

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He will report to Abigail P. Johnson, president of Fidelity Financial Services.

Morrison most recently served as president of the company’s more than $750 billion fixed income division.

“We’re fortunate to have a leadership team with broad and deep investment management expertise,” Johnson said in a statement. “Charlie’s diverse experience during his 27 years at Fidelity positions him well to advance our asset management business by continuing to deliver strong, consistent performance across all asset classes, sharpening our global investment focus, and offering innovative products that help deliver better outcomes for our clients.”